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NRO Fixed Deposit

While you are shaping your career overseas, your income created in India can be managed in a secure and convenient way. NRO deposits allow you to earn an attractive interest rate on earnings made in India even while you live overseas.

Multiply your earnings with interest of up to 7.25% on IDFC FIRST Bank NRO Fixed Deposit

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NRO Fixed Deposit

NRO Fixed Deposit Eligibility

Any existing IDFC FIRST Bank NRI customer can open an NRO fixed Deposit with us. All it takes is couple of clicks on our mobile app

NRO Fixed Deposit

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NRO Fixed Deposit

NRO Fixed Deposit FAQs

How can I book NRO Fixed deposit?

NRO Fixed deposits can be booked online using net banking, mobile banking application or by sending an email from the registered email ID to your Relationship Manager.

In which currency is my NRO Fixed Deposit is maintained?

Your NRO Fixed Deposit will be maintained in Indian Rupees.

What should be the minimum and maximum tenure to earn interest on NRO Fixed Deposit?

The minimum tenure to earn interest on NRO retail deposit is 7 days & above and the Fixed Deposit can be kept for a maximum of 10 years.

What is the minimum amount required to open a NRO Fixed Deposit?

The minimum amount required for opening NRO Fixed Deposit is Rs 1,000 only.

What is the interest rate for which I can open a NRO Fixed Deposit?

We offer the most attractive interest rates on our deposits

Click here to know more in detail.

Are these deposits taxable in India?

As per current guidelines, the principal amount in NRO deposit is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).

How can I fund NRO fixed deposit?

The NRO deposit account can be funded through:

  • Any legitimate income from India
  • Funds from any other NRO or NRE account in any bank in India
  • Foreign currency remittances from overseas

Can I repatriate funds held in my NRO Fixed Deposit?

RBI allows repatriation of balances held in NRO saving account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.

How can I access my NRO Fixed Deposit?

You can access your NRO Fixed Deposit through Net Banking and Mobile Banking. Click here to login your Net banking.

Can my NRO deposits with the bank automatically get renewed on maturity?

If you provide specific instructions during the opening of an NRO Fixed Deposit, it will be executed in accordance to that. However, in absence of any specific instruction, deposits will be renewed for the same period at the rates prevailing at the time of maturity.

Is premature withdrawal facility available in my NRO retail Fixed Deposit? If yes, what would be the foreclosure charges applicable?

Yes, premature withdrawal is permissible. However, the interest will be paid at the prevailing on the date of deposit remained with the bank or at the contracted rate, whichever is lower. For details on penalty charges, please click here. 

Can I have nomination facility in my NRO Fixed Deposit?

Yes, you can avail nomination facilities in you NRO Fixed Deposit. A nominee can be either resident or non-resident as desired by the account holder.

How are NRO FD rates compounded and paid for NRO Fixed Deposit account?

NRO Fixed Deposit rates are computed using a fixed rate. You can choose between Simple or Compound Interest.

For simple interest FD, you can get monthly or quarterly pay-out and in case of Compound Interest, interest is compounded quarterly and paid on maturity.

Who can open an NRO Fixed Deposit?

Any existing IDFC FIRST Bank NRI customer can open an NRO Fixed Deposit.

More FAQs

NRI Blogs

What is Importance of GIFT City for NRIs?

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What is the significance of GIFT City for NRIs?

GIFT City (Gujarat International Finance Tec-City) offers NRIs diverse investment opportunities, including real estate, stock markets, and alternative investment funds. NRIs can enjoy tax exemptions and lower tax rates on dividends, capital gains, and other financial transactions. GIFT City facilitates offshore investments with seamless transactions in multiple foreign currencies. IDFC FIRST Bank’s international banking unit in GIFT City provides NRIs with convenient savings and investment solutions.

Team FinFIRST07 Mar 2025 • 3 mins read

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